UtiliCorp Expects First-Quarter Results to Exceed Prior Year's Quarter by 15-17 Percent

Business Wire, April 10, 2001

Business Editors

KANSAS CITY, Mo.--(BUSINESS WIRE)--April 10, 2001

UtiliCorp United (NYSE:UCU) today announced that it expects results for this year's first quarter ended March 31 to be 15 to 17 percent higher than the prior year's first quarter, due largely to the continued strong performance of its energy merchant business, Aquila, Inc., and the contribution of the Alberta electric distribution network acquired in August 2000.

"We are clearly on track to achieve our 15 percent earnings growth target for 2001," said Richard C. Green, Jr., UtiliCorp chairman and chief executive officer. "Aquila's risk management and energy merchant businesses continued their strong performance from the fourth quarter of 2000. Aquila had significant growth in earnings before interest and taxes (EBIT) compared to a year earlier."

UtiliCorp will conduct a conference call for financial analysts at 11:00 a.m. (EDT) on Tuesday, May 1, to discuss 2001 first-quarter earnings and provide a general business update. Investors, the news media and the public may listen to a live Internet broadcast of the UtiliCorp analyst call at www.utilicorp.com by clicking on the appropriate audio link in the Investor Information section. The analyst call will also be available for replay on the Internet for 10 days. Briefing materials will be posted at the same website at 8:00 a.m. (EDT) on Tuesday, May 1.

Based in Kansas City, UtiliCorp United is an international energy company with customers and operations across the U.S. and in Canada, the United Kingdom, New Zealand, and Australia. Its Aquila, Inc. subsidiary is one of the largest wholesalers of electricity and natural gas in North America and an innovative provider of risk management services. Aquila also provides wholesale energy services in the U.K. and has a presence in Scandinavia, Germany and Spain. At December 31, 2000, UtiliCorp had total assets of about $14 billion and annual sales of approximately $29 billion. Additional information is available at www.utilicorp.com and www.aquila.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The terms "expects" and "on track" and the statements made with respect to UtiliCorp's earnings and outlook for the future contain some forward-looking information. Naturally, all forward-looking statements involve risk and uncertainty and actual results or events could be materially different. Although UtiliCorp United believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ include: weather conditions; financial market conditions, including changes in exchange rates, interest rates, and commodity prices; prices of natural gas, natural gas liquids, and electricity; future economic conditions in our regional, national, and international markets; our ability to enter new markets successfully and to capitalize on growth opportunities in non-regulated businesses; changing competition, including the deregulation of the U.S. electric utility industry and the entry of new competitors; and adverse changes in applicable laws, regulations or rules governing environmental, tax or accounting matters. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed might not occur. Please review the company's latest annual report on Form 10-K, quarterly report on form 10-Q, and current reports on Form 8-K for other important factors that could cause results to differ materially from those in any such forward-looking statements. Information in these archived materials may not be current and may be superseded by more recent information published by UtiliCorp United.